Ethereum Crypto Price Prediction 2022
Ethereum holders have drummed up a lot of excitement and interest as the Merge event approaches. While Ethereum is down 6.81% on the 24-hour time frame, ETH is still up 2.96% against Bitcoin.
Will Ethereum surpass the $2000 price levels again?
Ethereum Crypto Price Prediction 2022
Since November 2021, Ethereum has been in a macro downtrend and has struggled to see support beyond the 20-day moving average on the weekly time frame.
Many speculate that Ethereum had already bottomed out at $882 on June 18, this is a total correction of 81.67% from the all-time high of $4,871 set on the Coinbase exchange on November 10, 2021.
Resilient investors who picked up Ethereum at $882 will still be up 80% today even with the persistent bearish sentiment in the crypto markets.
Recently, Ethereum lost a critical support level of $1,704 which has now turned into resistance. With the bears temporarily in control, there is a threat that we could see Ethereum go down to the $1,411 support area if there is any negative price continuation.
However, if the merger is a successful price catalyst and the $1,704 resistance is breached, there is a good chance that Ethereum could rise up to $2,174, which is a resistance entered from January 23, 2022.
Ethereum is now within a horizontal channel which is a consolidation pattern. The recent loss of price structure reminds me of September 7th when Ethereum came down to $1,490 and then rallied back to $1,790.
As we can see, there is a good chance that we can see a bullish reversal here at these lower levels which could push the price of Ethereum back towards the $2000 levels until the bulls can take full control.
The index for relative strength is also at 33.26, which leans towards oversold. This may reflect that current price levels may be good for dollar cost averaging.
Ideally, it would be very good to see Ethereum break through the resistance of the horizontal channel at $1,629 and retest the $1,704 resistance level before seeing potential continuation towards the $2,000 mark.
Crypto Influencers Buy More Ethereum
With the merger just 1 day and 9 hours away, more and more eyes are starting to see the price action of Ethereum.
According to Coinmarketcap, Ethereum is at $1,596 and has a market cap of $195 billion. Over the past 24 hours, Ethereum has seen a 25.18% increase in trading volume, which is another bullish sign that a rally could potentially be on the way.
Many crypto influencers have also tweeted about the Ethereum merger which has generated more hype and euphoria around the move.
For example, cryptanalyst @MartiniGuyYT has bought another $600,000 and it can be speculated that the motive behind buying Ethereum is the Ethereum Merge.
The performance of Ethereum is extremely volatile at the moment as excitement around the Ethereum merger increases.
Historical data suggests that September is also one of the worst months for high-risk assets such as cryptocurrency. On the positive side, October, November and December are usually much healthier and more rewarding.
Ethereum Crypto Video Analysis
With enough community morale and bullish momentum, Ethereum should be able to regain the $2000 price levels. However, we are still in a crypto winter, so naturally we are going to see rejections at resistance levels.
I speculate that Ethereum will cut between $1,250-2,000 for the remainder of 2022. If you are looking to maximize your exposure to the Ethereum rally, you could potentially look at adding Polygon to your portfolio as there is a positive correlation between their price structure .
An alternative to Ethereum that could yield higher returns for 2022 is the Tamadoge presale.
